I have to disagree with you there.
Its not only about money. Its about several other advantages that the SR90 would have:-
1) No warm up time
2) No UV emissions
3) Never needing to replace the light source.
1)Understandable in most situations but these usually aren't factors associated with the Polarion. It's actually matching the SR-90 in output at 1 second and exceeding it by 1/3 at 2-3 seconds. At 4-5 seconds the Polarion is producing about 7000 lumens as it reaches the pinnacle of it's boost phase before the voltage drops back down. The Polarion can be considered "instant" for in intents and purposes.
2)Again, not really a factor with Osram and Phillips bulbs behind a big thick piece of Borafloat glass. With regards the to the spectrum, it could actually be argued that the HID has a much more useful one with superior CRI. Even if it did leak a bit of UV which I'm not sure it does, I'm not sure how much of a practical advantage point this notion really provides.
3)The projected life of the 35W Osram bulb run at 35W is several thousand hours. A person could run the Polarion for an hour every single day and the bulb would still last years longer than say, the projected battery life of the SR-90. The point being that any number of other components are going to wear out before the bulb does. See
BVH's bulb replacement poll here and keep in mind that this poll includes replacement for any reason and includes Asian generics as well. Again, in this case I just don't recognize the perceived advantage here as a real world or practical advantage.
Regarding the guess work surounding the actual lumen ouput of a quality 35W HID light, see
Selfbuilt's ceiling bounce tests results here. The 35W HID produced 122 lux as compared to the SR-90's 73 lux. Keep in mind that we're looking at OTF figures now despite the loses that HKJ rightly attributes to HID vs LED. I'm not going to point out Selfbuilts recorded throw advantage here given that the L35 has a larger reflector but I will point out that the Polarion has a smaller more efficient reflector and thus produces higher lux than the L35 despite its smaller size.
Touching once again on value, I sort of forgot about the L35 but it does in fact cost less, weighs less, produce at least a 1/3 more light output and runs for longer than the SR-90 on high. The main disadvantages of the L35 would be the warm-up time and variable output levels.
Lastly, please understand that my points aren't to create a HID vs large format LED fan battle. It's only natural to compare the SST-90 to HID since it's the first hand held capable LED to even approach the performance of HID. With that stated, I'm still inclined to keeps things real in light of those suggesting that the SR-90 is beating "35W" HIDs. We see that there's still a big gap between the two in Selfbuilt's tests, and this gap translates to paper when we simply look at performance vs. output with relation to electrical current for example. HID is not only brighter but it's more efficient. Perhaps in a couple of years these LEDs will run cooler and more efficiently but they still have a little way to go.